The magic about GOAL Setting

Hello, this article captures your benefits you receive if you have set your goals right.

The magic about goal setting is to do it right.

First let’s look about what can go wrong on the goal setting process.

The role of motivation

Well, the very first mistake is to not have the right motivation. Think about what drives you in hard times to proceed if you do not have the right motivation? Nothing, because the doubts and hurts in hard times are getting much bigger than your motivation. If that is the case to escape is easier that to proceed.

In other words your motivation must be the rock solid base of your goal setting process. So first step to get your goal right is to answer Why! Why do you want to be a trader? What is underlying reason to be a successful trader.

Only specific goals can be reached

Mistake number two is to not phrase your goal specifically. Let me provide you an example: A nonspecific goal would be: “I want to be rich”. Rich of love, rich of money, rich of experience. What specifically you describe as rich? This is important that you always can look back and exactly can recognize what exactly the goal is about.

Measure your goals

Mistake #3 is to define yourself goals that are not measurable. Let us take the example from above. How exactly you measure richt and when rich is achieved? Hard to say, right? So always define goals that are measurable. If a goal is measurable you get the advantage to always know if you are on track towards the final state.

Goals must be acceptable/attainable

Think about what it takes to get your goal achieved. It does not make much of a sense to define a goal that you by yourself cannot achieve. Also think about your goals if they match with your life’s’ situation. Will you get in trouble with family, friends and or colleagues?
It is always needed to check back the acceptance of your goal.

Every goal must be relevant, it must keep you inspired

Here it comes where your goal ties into your motivation. Your goal must 100% fit into making your motivation come true. The goal will not persist for long if your goal goes totally into the wrong direction. Think about it well to build up your goals based on your motivation.

Don’t create a never ending story

Ensure that at a planned point of time you come to an end with your goal. By that I mean that by planned horizon you finish your project and define a new goal. Like that you ensure you stay motivated by closing a chapter and at the same moment you open a new exciting one.

 

Be SMART

The goal setting criteria above are borrowed from the project management arena and follow the SMART concept. Do you guess it what SMART stands for? Look it at how it does all make sense. Go ahead and use it as well.

SMART Gaoal

 

 

If you need support on the SMART concept, please read our conditions and register for our trader coaching program. It does not cost you any $ to participate.

 

All the best,

Frank

Posted in Goal Setting, Trading Plan

Leave a Reply

Your email address will not be published. Required fields are marked *

*